{"id":22491,"date":"2013-07-12T19:44:00","date_gmt":"2013-07-12T23:44:00","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=22491"},"modified":"2013-07-12T19:44:00","modified_gmt":"2013-07-12T23:44:00","slug":"july-12-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=22491","title":{"rendered":"July 12, 2013"},"content":{"rendered":"<p>Nothing happened today.<\/p>\n<p>It was another day of solid recovery for the Canadian preferred share market, with PerpetualDiscounts winning 26bp, FixedResets gaining 10bp and DeemedRetractibles up 15bp. The Performance Highlights table is suitably bulky, comprised entirely of winners. Volume was above average.<\/p>\n<table border='1'>\n<tr>\n<td colspan='8'><strong>HIMIPref&trade; Preferred Indices<br \/>These values reflect the December 2008 revision of the HIMIPref&trade; Indices<\/strong><br \/>Values are provisional and are finalized monthly<\/td>\n<\/tr>\n<tr>\n<td>Index<\/td>\n<td>Mean<br \/>Current<br \/>Yield<br \/>(at bid)<\/td>\n<td>Median<br \/>YTW<\/td>\n<td>Median<br \/>Average<br \/>Trading<br \/>Value<\/td>\n<td>Median<br \/>Mod Dur<br \/>(YTW)<\/td>\n<td>Issues<\/td>\n<td>Day&#8217;s Perf.<\/td>\n<td>Index Value<\/td>\n<\/tr>\n<tr>\n<td>Ratchet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.3909 %<\/td>\n<td>2,574.6<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/td>\n<td>4.22 %<\/td>\n<td>3.50 %<\/td>\n<td>41,237<\/td>\n<td>18.40<\/td>\n<td>1<\/td>\n<td>1.1236 %<\/td>\n<td>3,932.8<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>2.73 %<\/td>\n<td>2.93 %<\/td>\n<td>86,335<\/td>\n<td>19.93<\/td>\n<td>4<\/td>\n<td>0.3909 %<\/td>\n<td>2,779.9<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>4.60 %<\/td>\n<td>1.79 %<\/td>\n<td>75,091<\/td>\n<td>0.71<\/td>\n<td>3<\/td>\n<td>0.2049 %<\/td>\n<td>2,622.4<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.67 %<\/td>\n<td>4.14 %<\/td>\n<td>67,124<\/td>\n<td>3.94<\/td>\n<td>6<\/td>\n<td>0.0383 %<\/td>\n<td>2,970.7<\/td>\n<\/tr>\n<tr>\n<td>Interest-Bearing<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.2049 %<\/td>\n<td>2,397.9<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.60 %<\/td>\n<td>4.06 %<\/td>\n<td>100,281<\/td>\n<td>0.78<\/td>\n<td>12<\/td>\n<td>0.2813 %<\/td>\n<td>2,290.3<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.35 %<\/td>\n<td>5.25 %<\/td>\n<td>139,247<\/td>\n<td>14.78<\/td>\n<td>26<\/td>\n<td>0.2609 %<\/td>\n<td>2,409.5<\/td>\n<\/tr>\n<tr>\n<td>FixedReset<\/td>\n<td>4.95 %<\/td>\n<td>3.40 %<\/td>\n<td>235,243<\/td>\n<td>3.58<\/td>\n<td>83<\/td>\n<td>0.1004 %<\/td>\n<td>2,486.0<\/td>\n<\/tr>\n<tr>\n<td>Deemed-Retractible<\/td>\n<td>5.04 %<\/td>\n<td>4.50 %<\/td>\n<td>185,094<\/td>\n<td>6.91<\/td>\n<td>43<\/td>\n<td>0.1558 %<\/td>\n<td>2,393.3<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Performance Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Change<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.M<\/td>\n<td>Deemed-Retractible<\/td>\n<td>1.01 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2019-03-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 26.10<br \/>\nBid-YTW : 4.98 %<\/td>\n<\/tr>\n<tr>\n<td>TRI.PR.B<\/td>\n<td>Floater<\/td>\n<td>1.08 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2043-07-12<br \/>\nMaturity Price  : 23.20<br \/>\nEvaluated at bid price : 23.50<br \/>\nBid-YTW : 2.21 %<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.G<\/td>\n<td>FixedFloater<\/td>\n<td>1.12 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2043-07-12<br \/>\nMaturity Price  : 22.81<br \/>\nEvaluated at bid price : 22.50<br \/>\nBid-YTW : 3.50 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.G<\/td>\n<td>Deemed-Retractible<\/td>\n<td>1.18 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.90<br \/>\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.P<\/td>\n<td>Deemed-Retractible<\/td>\n<td>1.20 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.30<br \/>\nBid-YTW : 5.31 %<\/td>\n<\/tr>\n<tr>\n<td>ELF.PR.H<\/td>\n<td>Perpetual-Premium<\/td>\n<td>1.29 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2021-04-17<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.22<br \/>\nBid-YTW : 5.38 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.F<\/td>\n<td>FixedReset<\/td>\n<td>2.04 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.00<br \/>\nBid-YTW : 3.47 %<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Volume Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Shares<br \/>Traded<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.P<\/td>\n<td>FixedReset<\/td>\n<td>79,800<\/td>\n<td>TD crossed 49,500 at 24.75; National crossed 25,000 at the same price.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2018-04-25<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.61<br \/>\nBid-YTW : 3.68 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.N<\/td>\n<td>Deemed-Retractible<\/td>\n<td>52,750<\/td>\n<td>TD crossed 50,000 at 25.71.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2017-01-27<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.68<br \/>\nBid-YTW : 4.35 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.F<\/td>\n<td>FixedReset<\/td>\n<td>45,721<\/td>\n<td>TD crossed 30,300 at 24.95.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2043-07-12<br \/>\nMaturity Price  : 23.15<br \/>\nEvaluated at bid price : 24.95<br \/>\nBid-YTW : 4.11 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.I<\/td>\n<td>FixedReset<\/td>\n<td>43,983<\/td>\n<td>Desjardins crossed 30,000 at 25.95.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2017-09-19<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.95<br \/>\nBid-YTW : 3.51 %<\/td>\n<\/tr>\n<tr>\n<td>ENB.PR.Y<\/td>\n<td>FixedReset<\/td>\n<td>40,680<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2043-07-12<br \/>\nMaturity Price  : 23.08<br \/>\nEvaluated at bid price : 24.93<br \/>\nBid-YTW : 3.99 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.K<\/td>\n<td>FixedReset<\/td>\n<td>36,325<\/td>\n<td><a href=\"http:\/\/www.prefblog.com\/?p=22304\">Recent new issue<\/a>.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2018-09-19<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.15<br \/>\nBid-YTW : 3.74 %<\/td>\n<\/tr>\n<tr>\n<td colspan='4'>There were 37 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='3'><strong>Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Quote Data and Yield Notes<\/td>\n<\/tr>\n<tr>\n<td>BAM.PR.G<\/td>\n<td>FixedFloater<\/td>\n<td>Quote: 22.50 &#8211; 22.95<br \/>\nSpot Rate  :  0.4500<br \/>\nAverage  :  0.3645<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2043-07-12<br \/>\nMaturity Price  : 22.81<br \/>\nEvaluated at bid price : 22.50<br \/>\nBid-YTW : 3.50 %<\/td>\n<\/tr>\n<tr>\n<td>CIU.PR.C<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 24.51 &#8211; 24.96<br \/>\nSpot Rate  :  0.4500<br \/>\nAverage  :  0.3676<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2043-07-12<br \/>\nMaturity Price  : 23.21<br \/>\nEvaluated at bid price : 24.51<br \/>\nBid-YTW : 3.17 %<\/td>\n<\/tr>\n<tr>\n<td>RY.PR.W<\/td>\n<td>Perpetual-Premium<\/td>\n<td>Quote: 25.05 &#8211; 25.25<br \/>\nSpot Rate  :  0.2000<br \/>\nAverage  :  0.1242<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2043-07-12<br \/>\nMaturity Price  : 24.79<br \/>\nEvaluated at bid price : 25.05<br \/>\nBid-YTW : 4.95 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.H<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 25.98 &#8211; 26.20<br \/>\nSpot Rate  :  0.2200<br \/>\nAverage  :  0.1479<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2017-03-19<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.98<br \/>\nBid-YTW : 3.56 %<\/td>\n<\/tr>\n<tr>\n<td>FTS.PR.J<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 23.60 &#8211; 23.99<br \/>\nSpot Rate  :  0.3900<br \/>\nAverage  :  0.3184<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2043-07-12<br \/>\nMaturity Price  : 23.29<br \/>\nEvaluated at bid price : 23.60<br \/>\nBid-YTW : 5.08 %<\/td>\n<\/tr>\n<tr>\n<td>BMO.PR.J<\/td>\n<td>Deemed-Retractible<\/td>\n<td>Quote: 25.25 &#8211; 25.50<br \/>\nSpot Rate  :  0.2500<br \/>\nAverage  :  0.1853<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2022-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.25<br \/>\nBid-YTW : 4.46 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Nothing happened today. It was another day of solid recovery for the Canadian preferred share market, with PerpetualDiscounts winning 26bp, FixedResets gaining 10bp and DeemedRetractibles up 15bp. The Performance Highlights table is suitably bulky, comprised &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-22491","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/22491","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22491"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/22491\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}